Futures Traders: Get FREE daily videos covering today's hottest market
Twenty-five-year commodity market veteran Jim Prince is an expert in the principles of technical trading. Each day Jim reviews the biggest moves in the commodity markets, identifying formations and planning trading strategies. And now, in his free Daily Alert, Jim will share with you his hot pick of the day with an exclusive 3-5 minute video.
With each Daily Alert video Jim reviews first-hand his featured chart of the day, discusses trading strategy, and highlights possible entry and exit points.
Enter your e-mail below to view the latest Daily Alert and receive a complimentary PDF on Cycle Trading techniques to find the right conditions for entering the market.
Soybean futures were around a dime higher on the day, drawing strength from further weakness in the US Dollar and solid export sales to China in the weekly report this morning. After closing at its lowest price since Jan 11 on Wednesday, front month Mar16 beans were up 11 1/4 cents today. China booked 686,609 MT for 2015/16 delivery; following net reductions last week, and the most in a week for that country since mid-January. Weekly Export Sales overall showed some reductions, but there was still a net 601,038 MT of soybeans sold to foreign purchasers during the week ending 2/4, and Soy meal sales totaled 189,453 MT (expected to be 100,000 to 250,000 MT). Soy oil sales were reported at 3,780 MT (estimated to be between 0 and 25,000 MT), the smallest weekly total this calendar year.
Mar 16 Soybeans settled at $8.73 1/2, up 11 1/4 cents,
May 16 Soybeans settled at $8.77 3/4, up 10 3/4 cents,
Jul 16 Soybeans settled at $8.83, up 10 1/2 cents,
Aug 16 Soybeans settled at $8.84 3/4, up 10 1/4 cents,